News and Press Releases

Cambridge, UK, July 31st 2007 — Prosarix Ltd., the drug discovery company specialising in computational screening and design, and ChemOvation Ltd, a leading provider of medicinal chemistry services, today announced a co-development and licensing agreement relating to the further development of a compound series against an undisclosed GPCR target discovered using the Prosarix technology.

“We are very pleased to partner this program with ChemOvation” commented Dr Bill Hamilton, CEO of Prosarix “We believe there is considerable synergy between the two companies and hope to accelerate the development of this compound series accordingly.”

Dr Ian Matthews, CEO of ChemOvation said “We are delighted to enter into this agreement with Prosarix. Our medicinal and synthetic chemistry expertise complements the capabilities of Prosarix extremely well and we look forward to working with them to achieve the goals of this project in a timely fashion.”

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About Prosarix
Prosarix is a drug discovery company that uses its proprietary computational chemistry platform, ProtoDiscovery™, for small molecule screening and design. The Company carries out contract discovery projects as well as generating pre-clinical development candidates for out-licensing. As a drug discovery service partner Prosarix has developed a unique technology platform capable of rapidly identifying novel hits against targets of interest. The ProtoDiscovery™ application suite includes proprietary virtual screening (ProtoScreen™), de novo design (ProtoBuild™), scoring methods (ProtoScore™) and GPCR modelling capabilities.

About ChemOvation
ChemOvation is a leading provider of drug discovery services to the pharmaceutical and biotechnology industry. It provides a fully integrated service specialising in medicinal chemistry, organic chemistry, computational chemistry and screening. ChemOvation offers clients a wealth of scientific knowledge and expertise to ensure success in their drug discovery projects. Whether it's for lead optimisation, hit expansion or custom synthesis, ChemOvation provides a complete outsourcing service for drug discovery.